It notes Tiger Singapore’s passenger carriage for January rose 23% on-year, while load factor rose 10 percentage points to 84%, adding it is utilising its fleet much more efficiently than a year earlier; “We believe Singapore operations are now well on track to remain solidly profitable at the operating level in 1Q-FY13.”

Tiger Australia’s passenger carriage rose 108% on-year with a load factor of 87%, up from 84% a year ago, it notes, adding the 9% on-month traffic increase is even more impressive as December is usually the peak traffic month and late January faced traffic disruption from Cyclone Oswald.

“Both cubs remain on a solid footing for earnings improvements in coming quarters and Tiger Airways remains on course to return to full profitability in this calendar year.” It keeps a Buy call with $0.95 target. The stock is up 0.7% at $0.745.